10 Updates
Health Inflation At 50-year Low As Obamacare Emerges
Photo Credit: Forbes Business

Health Inflation At 50-year Low As Obamacare Emerges

Jan 6 2014, 3:36pm CST | by

Health care spending grew just 3.7 percent in 2012 to $2.8 trillion for a four-year growth rate the federal government deemed the “slowest rates ever recorded in the 53-year history” of the...

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28 weeks ago

Health Inflation At 50-year Low As Obamacare Emerges

Jan 6 2014, 3:36pm CST | by

Health care spending grew just 3.7 percent in 2012 to $2.8 trillion for a four-year growth rate the federal government deemed the “slowest rates ever recorded in the 53-year history” of the National Health Expenditure Accounts .

The Office of the Actuary at the Centers for Medicare & Medicaid Services today said 2012 health spending grew more slowly than the gross domestic product. Health spending growth has been in the range of 3.6 percent to 3.8 percent since 2009, the government said. The share of the economy dedicated to health care services actually fell a bit to 17.2 percent from 17.2 percent in 2011.

“The low rates of national health spending growth and relative stability since 2009 primarily reflect the lagged impacts of the recent severe economic recession,” Anne Martin, an economist with the Centers for Medicare & Medicaid Services, said in a statement accompanying the report. “Additionally, 2012 was impacted by the mostly one-time effects of a large number of blockbuster prescription drugs losing patent protection and a Medicare payment reduction to skilled nursing facilities.”

To be sure, spending on retail prescription drugs grew just 0.4 percent as a large number of brand name prescription drugs such as Lipitor to treat high cholesterol and the blood thinner Plavix lost sales following the loss of their patent protection. Cheaper generic drugs now abound in such treatment areas, lowering prices and decreasing spending for consumers.  The slower spending growth on prescription drugs helped offset nearly 5 percent increases in spending on hospital care and physician services.

The Affordable Care Act, which this month begins to bring broader coverage of health benefits to millions of uninsured Americans, had minimal impact on 2012 health spending. But government researchers said certain “subcomponents” of health expenditures were affected such as the provision of the law that allows Americans under age 26 can remain on their parents’ health care plan and the requirement that state-regulated health plans for small businesses and individuals must spend at least 80 percent of the health insurance premium on medical costs.

The abstract of the national health spending report, published in the January issue of the journal Health Affairs, is linked here.

Source: Forbes Business

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the De ...
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6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

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7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datu ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Musta ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Schem ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Daman ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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